Equity Snap: adidas (ADS GR): 2Q26 results – first take

研报英文原文证据摘录

Equity Snap: adidas (ADS GR): 2Q26 results – first take

30 July 2026

Equity Snap: adidas (ADS GR) Equities Global Sporting goods

2Q26 results – first take Germany

◆ 2Q sales at constant FX a slight beat, driven by Akshay Gupta*, CFA

outperformance of apparel vs footwear; 2Q EBIT an 8% miss Global Luxury & Consumer Analyst The Hongkong and Shanghai Banking Corporation Limited

akshay.gupta@hsbc.com.hk

◆ FY2026 sales guidance raised; but unchanged at the EBIT level +852 2974 2980

Anne-Laure Bismuth*

Head of Consumer Luxury & Sporting Goods

adidas (ADS GR, EUR182.25, Buy, TP EUR210.00) HSBC Bank plc

(Priced as of 29 Jul 2026) annelaure.bismuth@hsbcib.com

+44 20 7991 6587

2Q 26 sales a slight beat: adidas reported Q2 26 sales growth at constant FX of Vignesh Gopalakrishnan*

+14% y-o-y (vs company consensus +13%, in line with Q1). The sales beat was Associate

Bangalore

driven by strong performance in Apparel (+35%), DTC channel (+25%) as well as

better-than-expected growth in North America (+17%) and Latin America (+28%). By * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

region, North America, Emerging markets and Latin America improved sequentially, not registered/ qualified pursuant to FINRA regulations

Europe remained stable while Greater China, Japan/South Korea slowed down vs

Q1. By product division, growth in Apparel segment was well above consensus at

+35% (vs consensus +20%) while Footwear division saw sales growth of 1% (below

consensus +6.2%), slowing sequentially. By channel, DTC was up +25% improving

sequentially from Q1 (+22%) while wholesale was up 6%.

EBIT 8% below consensus: Gross margin in Q2 came in higher than consensus

expectations at 52.5% (vs consensus 51.2%) driven by healthy full price sales and more

favourable channel mix.